U.K. August government borrowing tops forecasts

WilliamL. Watts

LONDON (MarketWatch) -- Britain's public sector borrowing requirement, or PSBR, totaled 15.3 billion pounds ($23.8 billion) in August, the Office for National Statistics reported Tuesday. Economists had forecast a borrowing requirement of 13 billion pounds. The gap was 13.5 billion pounds in August 2009. Public sector net debt totaled 934.9 billion pounds at the end of August, equal to 64% of gross domestic product, compared to 802.7 billion pounds, or 57.4% of GDP, in August 2009. Since the start of the financial year in April, the public sector budget has ran a total deficit of 43.5 billion pounds compared to a deficit of 49 billion pounds over the same period last year.

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